New York Mets owner Steve Cohen is saying after taking a “break” from Twitter that his family received personal threats this week amid an ongoing stock-trading standoff between day traders and hedge funds.
“I have enjoyed a back-and-forth on Twitter with Mets fans on Twitter, which unfortunately overtook misconceptions this week,” Cohen said in a statement on Saturday night after deactivating his account. So I’m going to take a break for now. We have other ways to listen to your suggestions and stay committed to doing it. I love our team, this community and our fans, who are the best in baseball. Bottom line. It is that the events of this week do not affect our resources in any way and drive to put a championship team on the field. “
Cohen’s decision to leave Twitter stems from conflict between independent investors and hedge funds. The day traders raised on Reddit have poured in about all the money they can find in the shares of struggling video game retailer Gametop and some other beaten-down companies. His purchase has led to a fall in stock prices of companies beyond anyone’s imagination and has caused huge losses to hedge funds who had placed bets that the stock would fall.
Cohen’s Point 72 Asset Management became involved when it invested in Melvin Capital Management, a hedge fund that had high bets against Gametop and attracted the will of Reddit users.
GameStop closed at $ 325 on Friday at a cost of about $ 70%. In the last three weeks, the stock has gained 1,600%. The danger for day traders is that at any time, the stock may fall.
Before closing his Twitter account, Cohen – baseball’s richest owner, worth more than $ 14.5 billion – responded to the controversy on Tuesday by tweeting, “Crowd on Twitter tonight. Hey stock jockey, keep bringing it up . “
Among Cohen’s critics, WFAN morning host and former NFL quarterback Boomer Asiason said he would stop going to the Mets game until I knew what Cohen’s involvement in the gameshop situation is all about.
The Mets’ owner first chased down nearly 200,000 for his nonchalant interactions with fans on Twitter, where he took tips on running the team, reacting to the team’s biggest moves – such as trading for shortstop Francisco Lindor And the return of the teased black jersey.
ESPN’s Jun Li and The Associated Press contributed to this report.